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Binance's Bitcoin trading volume dips 48% amid reintroduced fees

Economic Times

Economic Times · 1y ago

Binance's Bitcoin trading volume dips 48% amid reintroduced fees

Leading cryptocurrency platform Binance has seen a significant drop in its Bitcoin (BTC) trading volume, with a decline of 48% in September. This is the second-largest monthly decline since April. The drop coincided with the reintroduction of fees for its most liquid BTC trading pairs. However, this time the decline seems to align more closely with the overall market, as Binance has also faced increased regulatory issues in various jurisdictions.

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Low-cost spot bitcoin ETFs threaten to erode Coinbase margin, trading volume

Economic Times

Economic Times · 1y ago

Low-cost spot bitcoin ETFs threaten to erode Coinbase margin, trading volume

Analysts are warning that the introduction of low-cost spot Bitcoin exchange-traded funds (ETFs) could negatively impact Coinbase, the largest listed cryptocurrency exchange. The availability of ETFs, which offer exposure to Bitcoin at a cheaper cost, could lead to a decline in Coinbase's trading volume, margins, and commissions. Additionally, it may divert potential customers to equity brokers. While Coinbase maintains no plans to reduce transaction fees, analysts believe the exchange may need to lower fees to remain competitive. However, Coinbase could still benefit from the adoption of Bitcoin as a currency and potential custody fees from holding the underlying assets of ETFs.

Bitcoin logs over 7 lakh transactions in single day after almost two years: Report

Economic Times

Economic Times · 1y ago

Bitcoin logs over 7 lakh transactions in single day after almost two years: Report

Bitcoin recently experienced a surge in transaction volume, reaching over 700,000 transactions in a single day, marking the highest number recorded in 2023 and the highest in nearly two years. This historic milestone was reported by analytics firm IntoTheBlock. Additionally, the number of daily active addresses on the Bitcoin network reached a multi-month high, exceeding 1.08 million on September 15. Ethereum briefly surpassed Bitcoin in terms of daily active addresses the day before. Bitcoin's trading volume in April significantly declined, with a monthly gain of only 3 percent, compared to 21 percent in March.

JD Vance says US should use bitcoin as an advantage in rivalry with China

Economic Times

Economic Times · 3m ago

JD Vance says US should use bitcoin as an advantage in rivalry with China

JD Vance advocates for the U.S. to leverage Bitcoin to gain a strategic advantage over China, which bans crypto trading and mining. He suggests China's opposition to Bitcoin should prompt the U.S. to embrace it. Vance praises former President Trump's efforts to enhance America's crypto policies, including creating a Bitcoin reserve. The U.S. has seen increased crypto interest, with Congress working on regulatory frameworks, amid significant lobbying from the crypto industry.

Cryptoverse: As markets question US exceptionalism, bitcoin starts to shine

Economic Times

Economic Times · 3m ago

Cryptoverse: As markets question US exceptionalism, bitcoin starts to shine

Bitcoin is regaining its status as a valuable alternative investment amid market concerns about U.S. economic policies and performance. The cryptocurrency has shown impressive resilience, outperforming traditional U.S. stocks and even gold in recent months. Analysts suggest heightened interest in Bitcoin, as it exhibits unique trading patterns distinct from equity markets. With increasing investment flows into digital asset funds, Bitcoin is expected to continue to rise, potentially reaching new record highs in the near future.

Bitcoin breaks $50,000 for first time since 2021

Economic Times

Economic Times · 1y ago

Bitcoin breaks $50,000 for first time since 2021

Bitcoin surpassed the $50,000 mark for the first time in over two years amid growing optimism of US approval for broader trading in the cryptocurrency. The surge has been supported by expectations that exchange-traded funds (ETFs) tracking Bitcoin's price will be allowed, making it accessible to the public. Despite a slight drop to $49,950, Bitcoin has gained about 25% since January 22. Experts anticipate further increases, driven by enthusiast buyers and positive market movements. The rally marks a recovery for Bitcoin following previous scandals and collapses in the crypto industry.

Bitcoin Halving: The Ripple Effects On Indian Crypto Ecosystem

Inc42 · 1y ago

Bitcoin Halving: The Ripple Effects On Indian Crypto Ecosystem

Bitcoin halving is set to occur in April 2024, reducing mining rewards from 6.25 to 3.125 BTC per block. While past halvings have resulted in significant price surges, experts suggest that this time may be different due to factors like geopolitical tensions and the maturity of the crypto ecosystem. Some predict a surge in trading volume and price appreciation, while others emphasize the potential impact on altcoins and emerging financial products. India, in particular, is seeing increased interest in cryptocurrencies and may witness growth in trading activity and adoption.

BlackRock, Ark lower fee for planned spot bitcoin ETFs

Reuters · 1y ago

BlackRock, Ark lower fee for planned spot bitcoin ETFs

BlackRock and Ark Investment Management have both reduced the fees for their proposed spot bitcoin exchange traded funds (ETFs), in a bid to outshine their competitors in launching similar investment products. BlackRock's iShares Bitcoin Trust will charge a fee of 0.25%, while the ARK 21Shares Bitcoin ETF has lowered its fee to 0.21%. The competition among ETF managers highlights the urgency to capture a share of the expected influx of capital. The fees charged by the ETFs will play a crucial role in determining the level of asset inflow.

StanChart launches bitcoin, ether spot trading for institutional clients - The Economic Times

Economic Times

Economic Times · 1m ago

StanChart launches bitcoin, ether spot trading for institutional clients - The Economic Times

Standard Chartered has launched spot trading for bitcoin and ether through its UK branch, catering to institutional clients like corporates, investors, and asset managers. This move is to meet the growing demand for crypto assets. As the first global systemically important bank to offer secure, regulated, scalable access to bitcoin and ether spot trading, StanChart plans to introduce non-deliverable forwards trading soon. The initiative ensures digital asset trading within regulatory requirements.

Why is Groww raising brokerage fees by 150% for small trades?

Economic Times

Economic Times · 3m ago

Why is Groww raising brokerage fees by 150% for small trades?

Groww, India's leading broker, is raising brokerage fees by 150% for small trades due to regulatory pressures squeezing profits. The minimum equity brokerage will increase from ₹2 to ₹5 per order starting June 21. This move, affecting about 13 million clients, aligns with industry-wide adjustments following SEBI's 'true-to-label' norms that reduced profitability by eliminating hidden markups. Additionally, Groww will revise its Margin Trading Facility interest rates, impacting high-volume users.

Hottest new crypto launches you can still get in early - The Economic Times

Economic Times

Economic Times · 21d ago

Hottest new crypto launches you can still get in early - The Economic Times

Investors are exploring new crypto projects amid Ethereum's rising prominence. Bitcoin Hyper aims to enhance Bitcoin's usability, while TOKEN6900 is a meme coin with no utility. Best Wallet Token provides an all-in-one crypto wallet solution, and Snorter Token uses AI to simplify DeFi strategies. These projects are gaining traction and attracting interest during presales. They offer unique features like high speed, low fees, passive income, and automation, each catering to various aspects of the evolving crypto market.

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